After months of planning, I finally did my first aor on Dec 26, 2006. I prepared by paying down all my balances and requesting CLIs on existing cards. Then I made sure everything was updated on all my CRs before doing the aor. I wanted the CLIs to report because I was hoping the new cards will match as closely to the higher limits as possible but this didn't work out as I had hoped. My goals were to get as many sign-up bonuses as possible and to gain high credit lines to do 0% BTs.
Some background info: Age: almost 21 HHI: 90k Occupation: Pharmacy Clerk / Full-time Student Debt: $0 CC; $3k deferred SL (2 installments; 1 paid off SL and the other ($3k) is deferred) FAKOs: 750 / 760 / 760; no derogs and no inqs
Current Cards ----------- CL ----- Age USAA Platinum MC ----- $30k ---- 6m AMEX BlueCash -------- $23.2k -- 16m Citi Diamond MC ------- $22.1k -- 16m Chase Platinum V ------ $20k ----- 16m CapitalOne Platinum V - $5.3k ---- 33m (Reported HighBalance $4,987) Sears Gold MC --------- $1.8k ---- 28m AE Outfitters ----------- $0.5k ---- 34m
AOR (in order applied) Card ------------------------------- BT --------------- Sign-Up -------------- CRA ------ Result Citi Professional MC ---------- no fee 0% 9m ---- 15k TY-pts / $40 CO ----- TU ----- Deferred Citi AT&T Universal MC ------ no fee 0% 12m --- 6k TY-points / $30 CO --- TU ---- $8.4k (Instant) Chase Sony V ---------------- $75cap 0% 12m --- $150 --------------------- TU ---- $3.5k (Deferred) AMEX In:LA ------------------ no fee 0% 6m ------ $40 CO ------------------ EQ ---- $10k (Instant) BofA Platinum V ------------ no fee 0% 6m ------ $40 CO ------------------ TU ----- Denied after deferral (insufficent history) Citi PremierPass Elite MC ---- will move cl ------- 15k TY-pts / $33 CO ---- TU ----- $2k (Deferred) Citi Diamond MC ------------ will move cl -------- 6k TY-pts / $30 CO ----- TU ----- $4.2k (Instant) Chase Priority Club V -------- will move cl ------- $150 ------------------- No Pull --- $5.5 (Deferred) Chase CashPlus MC ---------- will move cl ------- $100 (94F) ------------- No Pull --- Denied after deferral (too many recent open accts) WaMu Platinum MC --------- none --------------- none -------------------- TU ------ $4k (Instant) BofA Student Platinum+ V -- none --------------- none -------------------- No Pull --- $0.8 (Deferred)
CO = CardOffers.com I applied for all the cards here, except for the Sony (SonyStyle.com), Priority Club (chase.com), WaMu (wamu.com), and BofA (bofa.com).
Results Total New Credit: only $38.4k Approved: 8 Denied: 2 Deferred: 1 Total applied for: 11
Inquiries: TU: 0 -> 7 EQ: 0 -> 1 EX: 0 -> 0
Possible Bonuses: $473 42k Thank-you Points from Citi, which is about $400 in giftcards.
Wasn't really sure what to expect from my first AOR but I'm a little disappointed at the low CLs but its probably because of my limited credit history. After reading so many incidents with AMEX and their financial review, I did not want to do anything too crazy with them hence only applying for one card and not requesting any major CLIs with them. I did the WaMu card just because I bank with them. I did the BofA Student card just to get in with BofA and will hope for something better from them in future AORs. I also did a couple of bank bonuses, BofA's $125 (offercode: THZ3) and Citibank's $200 (offercode: MGCH), which is still valid (call 1-866-810-9043 by 03/07).
For the BTs, here is the result of reallocation: Chase Sony V -- $27k CL AMEX In:LA -- $32k CL Citi DPR MC -- $32.7 CL
I'm in the process of getting the cash out via the Citi DPR card.
Any feedback and suggestions for next time is appreciated, thanks.
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You know, what I'm really impressed with is the credit lines you had on your existing cards, with fairly short histories, and at a fairly young age. Do you know what did the trick for you there? Did you use approx. the same household income when applying for them? It's nice how the balances on the old cards give you a lot of ammunition to use in the 0% game.
It also looks like you got approved for 3 citibank cards. Were they all personal? That would mean you got past the common "max two apps in 60 days" limitation, although the AT&T card may be in it's own fiefdom.
Also, it's curious that Chase denied you for "too many recent accounts". My only theory is that they rejected you for two many accounts with them.
Why are you so anxious to trash your credit score when you're so young?? Are you going to need loans for graduate school?? Loans for a car??? Are you aware that prospective employers can pull your score when you apply for a job after graduation??
AORs are fine for old geezers who probably already have mortgages and could care less about their credit rating. Don't get sucked in by the sirens to raise a few extra bucks. Focus on your studies, get a great job, and the money will roll in on its own. JMHO.......
"These nymphs had the power, as has been already said, of charming by their song all who heard them, so that mariners were impelled to cast themselves into the sea to destruction. Circe directed Ulysses to stop the ears of his seamen with wax, so that they should not hear the strain; to have himself bound to the mast, and to enjoin his people, whatever he might say or do, by no means to release him till they should have passed the Sirens' island. Ulysses obeyed these directions. As they approached the Sirens' island, the sea was calm, and over the waters came notes of music so ravishing and attractive that Ulysses struggled to get loose and, by cries and signs to his people, begged to be released; but they, obedient to his previous orders, sprang forward and bound him still faster. They held on their course, and the music grew fainter till it ceased to be heard, when with joy Ulysses gave his companions the signal to unseal their ears; and they relieved him from his bonds. It is said that one of the Sirens, Parthenope, in grief at the escape of Ulysses drowned herself. Her body was cast up on the Italian shore where now stands the city of Naples, in early times called by the Siren's name. "
Lust, how long does it take to clear the credit score back up? He only has to clear inquiries, right? Sorry but I don't see the big deal. I'm impressed at how financially savvy he is at his age. Good job dude!
LustfortheMoment said:Why are you so anxious to trash your credit score when you're so young?? Are you going to need loans for graduate school?? Loans for a car??? Are you aware that prospective employers can pull your score when you apply for a job after graduation??
AORs are fine for old geezers who probably already have mortgages and could care less about their credit rating. Don't get sucked in by the sirens to raise a few extra bucks. Focus on your studies, get a great job, and the money will roll in on its own. JMHO.......
LustfortheMoment said:Why are you so anxious to trash your credit score when you're so young?? Are you going to need loans for graduate school?? Loans for a car??? Are you aware that prospective employers can pull your score when you apply for a job after graduation??
AORs are fine for old geezers who probably already have mortgages and could care less about their credit rating. Don't get sucked in by the sirens to raise a few extra bucks. Focus on your studies, get a great job, and the money will roll in on its own. JMHO.......
Good post, I'm 20 and a junor and have looked into the AOR thing too but decided against it since I plan to buy a house, probably within a year or two after graduating. No loans to pay off and a nice chunk of money in the bank. I'm definitely not renting. If I were desperate for money or lived in a big city and had an apartment it would be a different story.
markkundinger said:You know, what I'm really impressed with is the credit lines you had on your existing cards, with fairly short histories, and at a fairly young age. Do you know what did the trick for you there? Did you use approx. the same household income when applying for them? It's nice how the balances on the old cards give you a lot of ammunition to use in the 0% game.
It also looks like you got approved for 3 citibank cards. Were they all personal? That would mean you got past the common "max two apps in 60 days" limitation, although the AT&T card may be in it's own fiefdom.
Also, it's curious that Chase denied you for "too many recent accounts". My only theory is that they rejected you for two many accounts with them.
Where are you going to invest the 0% money? I agree. How do you get such high CLI?
Anyway, I was also denied a Chase card for "too many recent credit being requested". So maybe that's a new thing.
LustfortheMoment said:Why are you so anxious to trash your credit score when you're so young?? Are you going to need loans for graduate school?? Loans for a car??? Are you aware that prospective employers can pull your score when you apply for a job after graduation??
AORs are fine for old geezers who probably already have mortgages and could care less about their credit rating. Don't get sucked in by the sirens to raise a few extra bucks. Focus on your studies, get a great job, and the money will roll in on its own. JMHO.......
"These nymphs had the power, as has been already said, of charming by their song all who heard them, so that mariners were impelled to cast themselves into the sea to destruction. Circe directed Ulysses to stop the ears of his seamen with wax, so that they should not hear the strain; to have himself bound to the mast, and to enjoin his people, whatever he might say or do, by no means to release him till they should have passed the Sirens' island. Ulysses obeyed these directions. As they approached the Sirens' island, the sea was calm, and over the waters came notes of music so ravishing and attractive that Ulysses struggled to get loose and, by cries and signs to his people, begged to be released; but they, obedient to his previous orders, sprang forward and bound him still faster. They held on their course, and the music grew fainter till it ceased to be heard, when with joy Ulysses gave his companions the signal to unseal their ears; and they relieved him from his bonds. It is said that one of the Sirens, Parthenope, in grief at the escape of Ulysses drowned herself. Her body was cast up on the Italian shore where now stands the city of Naples, in early times called by the Siren's name. "
Isn't it true that the inquires drop off in 2 years? So by the time alleni graduates, it will probably drop off by itself. He got 40k of new creit and about $800 in bonus for a few minutes of work to apply. I really don't think there anything wrong.
anyone11787 said:Isn't it true that the inquires drop off in 2 years? So by the time alleni graduates, it will probably drop off by itself.
True, but she also said:[...] I did the BofA Student card just to get in with BofA and will hope for something better from them in future AORs. [...] Any feedback and suggestions for next time is appreciated, thanks.
...which makes me think this isn't a one-time thing, and she isn't going to freeze all AORs in the near future to save from any potential negative impacts on her credit record.
Hey, if she can swing it, more power to her. Sometimes we need to be saved from ourselves, though.
Good for you, OP. Keep up the great work, stay focused on getting a rock-solid education, and read what LustfortheMoment wrote as a cautionary tale -- don't want to get too swept up in this and end up trashing all you've worked so hard to build.
markkundinger said:You know, what I'm really impressed with is the credit lines you had on your existing cards, with fairly short histories, and at a fairly young age. Do you know what did the trick for you there? Did you use approx. the same household income when applying for them? It's nice how the balances on the old cards give you a lot of ammunition to use in the 0% game.
It also looks like you got approved for 3 citibank cards. Were they all personal? That would mean you got past the common "max two apps in 60 days" limitation, although the AT&T card may be in it's own fiefdom.
Also, it's curious that Chase denied you for "too many recent accounts". My only theory is that they rejected you for two many accounts with them.
Where are you going to invest the 0% money?
For Citi, I had two cards that I combined into one. With Chase, they gave me a 15k CLI after one year with them, at the result of a bumpable hard inq on TU. For USAA, they gave me a huge CLI after 4 months. AMEX just gives me automatic CLIs every once in awhile.
The Citi cards were all personal cards. I heard about the 2 apps per 60 days but I decided to try my luck. I hope I get the Professional card also.
There's a local bank, IndyMac, that has a pretty good rate for CDs, about 5.45%. After that, I'll probably leave the funds in my WaMu 5% savings.
drenader said:Are you a graduating senior? I would worry about fafsa implications if you receive any financial aid.
I'm a third year. I've already completed my FAFSA application. I was told by another FWF poster that it just asks how much is in your checking/savings at the time of application, which had no BT money at the time.
LustfortheMoment said:Why are you so anxious to trash your credit score when you're so young?? Are you going to need loans for graduate school?? Loans for a car??? Are you aware that prospective employers can pull your score when you apply for a job after graduation??
AORs are fine for old geezers who probably already have mortgages and could care less about their credit rating. Don't get sucked in by the sirens to raise a few extra bucks. Focus on your studies, get a great job, and the money will roll in on its own. JMHO.......
"These nymphs had the power, as has been already said, of charming by their song all who heard them, so that mariners were impelled to cast themselves into the sea to destruction. Circe directed Ulysses to stop the ears of his seamen with wax, so that they should not hear the strain; to have himself bound to the mast, and to enjoin his people, whatever he might say or do, by no means to release him till they should have passed the Sirens' island. Ulysses obeyed these directions. As they approached the Sirens' island, the sea was calm, and over the waters came notes of music so ravishing and attractive that Ulysses struggled to get loose and, by cries and signs to his people, begged to be released; but they, obedient to his previous orders, sprang forward and bound him still faster. They held on their course, and the music grew fainter till it ceased to be heard, when with joy Ulysses gave his companions the signal to unseal their ears; and they relieved him from his bonds. It is said that one of the Sirens, Parthenope, in grief at the escape of Ulysses drowned herself. Her body was cast up on the Italian shore where now stands the city of Naples, in early times called by the Siren's name. "
I'm not anxious to trash my score .. and I don't believe I did. With such a thin credit file, I believe that I'm actually strengthening it for the future, when my accounts age. Yes, I will need loans and by the time I need it, the inqs will disappear, the accounts will have aged and my scores should recover by then. Yes, I am also aware of employers pulling but also by that time, my scores should have recovered.
Ron515 said:Lust, how long does it take to clear the credit score back up? He only has to clear inquiries, right? Sorry but I don't see the big deal. I'm impressed at how financially savvy he is at his age. Good job dude!
Thanks. About the inqs, I didn't get hit with any on Experian, the inqs on TU and EQ should bump off over time. I use TrueCredit to keep track of my CRs.
doerrb said:anyone11787 said:Isn't it true that the inquires drop off in 2 years? So by the time alleni graduates, it will probably drop off by itself.
True, but she also said:[...] I did the BofA Student card just to get in with BofA and will hope for something better from them in future AORs. [...] Any feedback and suggestions for next time is appreciated, thanks.
...which makes me think this isn't a one-time thing, and she isn't going to freeze all AORs in the near future to save from any potential negative impacts on her credit record.
Hey, if she can swing it, more power to her. Sometimes we need to be saved from ourselves, though.
Good for you, OP. Keep up the great work, stay focused on getting a rock-solid education, and read what LustfortheMoment wrote as a cautionary tale -- don't want to get too swept up in this and end up trashing all you've worked so hard to build.
Hi, I'm a guy. "alleni" stands for "allen iverson"
I haven't decided when the next time I'm going to do an AOR but I will make sure it is more beneficial then not before I do one. I've planned this for months and I will not just jump into another one without a lot of planning.
The next AOR will definitely depend on whether I've moved out and secured a job, and also considering loans for graduate school. I'm certain I won't do another AOR until all that stuff is done. Even if I have to wait 4-5 more years before the next AOR, I don't mind. This was fun but I know that messing up can mess up more important things for me.
alleni said:Hi, I'm a guy. "alleni" stands for "allen iverson"
Ah, The Answer. Hoya Saxa. Interesting how everyone assumed you were male 'til now though, eh?
I'm certain I won't do another AOR until all that stuff is done. Even if I have to wait 4-5 more years before the next AOR, I don't mind. This was fun but I know that messing up can mess up more important things for me.
Super. Sounds like you've got a good plan.
RE the high CLIs, were you able to get these by perhaps adding yourself as an AU on your mother's or grandmother's accounts early on -- say, several years ago? I have a CC on my credit report that was officially opened one year before I was born. Mystified at first, but then realized that my dad had added me as an AU to this card when I was in high school... and so I never removed it. I get CLI offers all the time, and my FICO is damn near perfect and about 50 points higher than that of a peer who has nearly the identical background, payment profile, etc. *except for* the early AU history. So my current crackpot theory is, your CLIs probably benefited from your early AU history.
Any other insight into the high CLIs, or care to trash my theory?
Ron515 said:Lust, how long does it take to clear the credit score back up? He only has to clear inquiries, right? Sorry but I don't see the big deal. I'm impressed at how financially savvy he is at his age. Good job dude! Inquiries will fall off and score will recover but the thing I wonder is how all those cards would affect a future mortgage? I have never done a mortgage so don't know much about them. When OP goes for first mortgage would having dozens of open cards affect the decision making? Open lines can be considered future debt and I would think that would make some lenders nervous
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. Don't get sucked in by the sirens to raise a few extra bucks. Focus on your studies, get a great job, and the money will roll in on its own. JMHO.......
